After months of negotiations, the labor union and Samsung agree to a 5.1% wage increase

Months of discussions have resulted in a 5.1% salary raise between Samsung Electronics and its labor union.

The South Korean labor union and Samsung Electronics have agreed to a 5.1% pay raise after months of discussions that included strikes last year. 

The preliminary arrangement will be put to a vote among union members from February 28 to March 5, according to separate announcements released by the business and the National Samsung Electronics Union (NSEU) on Monday. Representing over 36,000 workers, the NSEU accounts for roughly 30% of Samsung’s South Korean workforce. 

Aside from the pay raise, the arrangement offers other perks like 30 company shares and coupons for Samsung merchandise. 

In 2023, the union had organized strikes, but Samsung insisted that these measures had little effect on output. Due to the ongoing labor conflict, the largest memory chipmaker in the world has had to contend with growing competition in the semiconductor market for artificial intelligence (AI) applications.